SINTANA ENERGY INC. Provides Update on PELs 83 & 90 - Galp Spuds Exploration Well and Chevron Applies to Drill up to 10 Wells

TORONTO, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding Petroleum Exploration Licenses 83 (“PEL 83”) and 90 (“PEL 90”) located in the heart of Namibia’s Orange Basin which is emerging as one of the world’s most prospective oil and gas regions.

PEL 83

Sintana refers to a press release published by Custos Energy (Pty) Ltd. (together with Custos Investments (Pty) Ltd., “Custos”) confirming that the Mopane 2X exploration well located on blocks governed by PEL 83 has been spud. Sintana maintains a 49% indirect interest in Custos.

The Mopane exploration well is the first of two wells which are scheduled to be drilled by the semi-submersible rig Hercules under a contract that provides for the two wells and optional testing. Each of Custos and NAMCOR, Namibia’s national petroleum company, own 10% working interests in PEL 83 and are carried by Galp through the exploration phase.  

PEL 83 is located immediately north of PEL 39, home to Shell’s basin opening, Upper Cretaceous discoveries at Graff-1, La Rona-1 and Jonker-1. Shell continues to progress exploration and appraisal activities on its blocks with an ongoing multi-well campaign through the balance of 2023 and throughout 2024.

“The significant prospectivity of PEL 83, together with its relatively shallower water depth, position it to be one of the most significant and profitable opportunities in the Orange Basin,” said Knowledge Katti, Chairman and Chief Executive Officer of Custos Energy, and a Director of Sintana.

“We look forward to a safe and successful campaign on PEL 83 for the JV Partners and for the people of Namibia,” said Tom Alweendo, Minister of Mines and Energy.

“We are excited to test the extension of the proven Upper Cretaceous plays into PEL 83,” said Maggie Shino, Petroleum Commissioner at the Ministry of Mines and Energy. “We believe PEL 83 will continue to demonstrate the world-class scale and quality of plays in Namibia’s Orange Basin,” she added.

PEL 90

We also confirm the public filing of an application by an affiliate of Chevron Corporation with the Ministry of Environment, Forestry and Tourism for the Republic of Namibia for an Environmental Clearance Certificate which would provide for the drilling of up to 5 exploration and 5 appraisal wells beginning in the fourth quarter of 2024 on block 2813B which is governed by PEL 90. Sintana, through its investment in InterOil, maintains a 49% indirect interest in Trago Energy (Pty) Ltd, a 10% working interest owner in PEL 90.